Mixin Network, a decentralized peer-to-peer network, recently fell victim to a devastating hack, resulting in the loss of approximately $200 million in cryptocurrency assets.
The breach, which occurred on September 23, triggered an immediate response from Mixin Network, prompting the suspension of all deposit and withdrawal services on its platform.
In an effort to investigate the hack and recover the stolen assets, Mixin Network enlisted the expertise of blockchain investigator SlowMist and tech giant Google.
At the time of the security breach, Mixin Network’s holdings included $94.48 million in Ether, $23.55 million in Dai, and $23.3 million in Bitcoin, totaling $141.32 million in crypto assets, as revealed by PeckShield’s independent investigation.
Web3 SaaS analytics platform 0xScope conducted an additional investigation, uncovering the hacker’s historical ties to Mixin Network.
In 2022, an address associated with the hacker received 5 ETH from Mixin, which was subsequently deposited into Binance.
The hacker demonstrated sophistication by converting the stolen Tether (USDT) into DAI to prevent potential asset freezing.
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Mixin Network has assured users that deposit and withdrawal services will resume once the vulnerabilities in their system are confirmed and rectified.
However, specific plans for recovering the lost assets have yet to be disclosed.
Initially, Mixin Network’s founder, Feng Xiaodong, had promised to provide an explanation for the incident in a public Mandarin livestream on September 25 at 1:00 pm Hong Kong Time.
Unfortunately, official links to the livestream were conspicuously absent from the network’s social media channels and its official website, raising questions about the transparency of their response to the hack.
As of the time of this report, Mixin Network had not responded to inquiries from Cointelegraph, leaving the crypto community eagerly awaiting updates on the situation.
The incident also serves as a reminder of the ongoing threats faced by prominent figures in the crypto space, as Ethereum co-founder Vitalik Buterin recently fell victim to a SIM swap attack, highlighting the need for heightened security measures in the cryptocurrency industry.
Buterin’s social media profile on X was compromised when attackers executed a SIM swap, demonstrating the importance of safeguarding mobile numbers to protect against unauthorized access to digital assets and personal information.
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